South Africa: South Africa should seek damages from KPMG over bank graft – central bank probe

South Africa should seek damages from global auditor KPMG for the role it played in a corruption scandal that saw at least 1.9 billion rand ($130 million) stolen from local bank VBS, a central bank investigation published on Wednesday said.

The probe, carried out by a team of lawyers and forensic investigators on behalf of the South African Reserve Bank (SARB), is the latest headache for KPMG, which has lost more than a dozen clients as questions have been raised about its ethical conduct in the country.

KPMG, which audited the bank’s financial results, said it had noted the investigation’s publication. Earlier this year it announced changes to its corporate governance to try to restore the reputation of its South African business.

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